Board Proposal 024 - Adoption of Gift Acceptance Policy

Summary

Board Proposal 024
Sponsor: Brian Adams
Co-Sponsor:
Status: Adopted 11/18/2014

Proposal

Adoption of the following gift acceptance policy:

Lansing Makers Network solicits and accepts gifts for purposes that will help the organization further and fulfill its mission. Lansing Makers Network urges all prospective donors to seek the assistance of personal legal and financial advisors in matters relating to their gifts, including the resulting tax and estate planning consequences. The following policies and guidelines govern acceptance of gifts made to Lansing Makers Network for the benefit of any of its operations, programs or services.

Lansing Makers Network will seek the advice of legal counsel in matters relating to acceptance of gifts when appropriate. Review by counsel is recommended for:

  1. Gifts of securities that are subject to restrictions or buy-sell agreements.
  2. Documents naming Lansing Makers Network as trustee or requiring Lansing Makers Network to act in any fiduciary capacity.
  3. Gifts requiring Lansing Makers Network to assume financial or other obligations.
  4. Transactions with potential conflicts of interest.
  5. Gifts of property which may be subject to environmental or other regulatory restrictions.
Restrictions on Gifts

Lansing Makers Network will not accept gifts that:

Gifts Generally Accepted Without Review
Gifts Accepted Subject to Prior Review

Certain forms of gifts or donated properties may be subject to review prior to acceptance. Examples of gifts subject to prior review include, but are not limited to: